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Taseko Mines (TKO) investor relations material
Taseko Mines Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 2025 Adjusted EBITDA of $230 million and earnings from mining operations before depletion, amortization, and non-recurring items of $251 million.
Recorded revenues of $673 million from sales of 99 million pounds of copper and 1.9 million pounds of molybdenum in 2025.
Net loss for 2025 was $30 million, but adjusted net income was $27 million; Q4 net income was $4.5 million and adjusted net income was $42 million.
Commenced copper production at Florence Copper in early 2026, with the SX/EW plant fully operational and first cathode harvest imminent.
Significant milestones achieved at Yellowhead and New Prosperity projects, including a $75 million payment from the Province of BC and new consent framework.
Financial highlights
Q4 revenue reached $244 million, with annual revenue at a record $673 million from 99 million pounds of copper and 1.9 million pounds of moly.
Adjusted EBITDA for Q4 was $116 million, up from $56 million in Q4 2024; annual adjusted EBITDA was $230 million.
Q4 cash flow from operations was $101 million; annual cash flow from Gibraltar was $220 million.
Gibraltar produced 98 million pounds of copper in 2025 at a total operating cost (C1) of $2.66/lb; Q4 production was 31 million pounds at $2.47/lb.
Ended the year with $188 million in cash and total liquidity of $340 million.
Outlook and guidance
2026 copper production expected to be 110–115 million pounds at Gibraltar, with Florence Copper targeting 30–35 million pounds and ramping up to 85 million pounds per year at full capacity.
Gibraltar production expected to remain consistent through 2029, with recoveries forecasted at 75–80%.
Molybdenum production and by-product credits expected to remain strong in 2026.
Copper price hedges and collars in place for 2026 to protect cash flow, with a ceiling of $5.40/lb until June and higher ceilings for Q3 2026.
Sustaining CapEx and capitalized stripping at Gibraltar expected to decrease in 2026.
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